{"id":28972,"date":"2023-08-31T04:53:32","date_gmt":"2023-08-31T08:53:32","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=28972"},"modified":"2023-08-31T04:53:32","modified_gmt":"2023-08-31T08:53:32","slug":"bitcoin-price-could-correct-further-before-fresh-increase-to-28k","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/08\/31\/bitcoin-price-could-correct-further-before-fresh-increase-to-28k\/","title":{"rendered":"Bitcoin Price Could Correct Further Before Fresh Increase To $28K"},"content":{"rendered":"

Bitcoin price is correcting gains from $28,000. BTC could correct further lower toward the $26,800 zone before the bulls take a stand.<\/em><\/p>\n

Bitcoin started a downside correction from the $28,150 resistance zone.
\nThe price is trading above $26,600 and the 100 hourly Simple moving average.
\nThere is a declining channel forming with resistance near $27,250 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could extend its decline toward $26,800 before it attempts a fresh increase.<\/p>\n

Bitcoin Price Starts Downside Correction<\/h2>\n

Bitcoin price started a decent increase above the $27,000 resistance zone<\/a>. BTC even climbed toward the $28,000 resistance zone before the bears appeared.<\/p>\n

A high was formed near $28,150 and the price started a downside correction. There was a move below the $28,000 and $27,500 levels. The price even spiked below the $27,400 level. However, it found support near the 50% Fib retracement level of the key increase from the $25,928 swing low to the $28,150 high.<\/p>\n

Bitcoin is still trading above $26,600 and the 100 hourly Simple moving average<\/a>. Besides, there is a declining channel forming with resistance near $27,250 on the hourly chart of the BTC\/USD pair.<\/p>\n

Immediate resistance on the upside is near the $27,200 level and the channel trend line. The first major resistance is near the $27,400 level. A clear move above the $27,400 level might send the price toward $28,000. The next major resistance is near $28,150, above which there could be a sustained increase.<\/p>\n\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

In the stated case, the price could test the $29,200 level. Any more gains might set the pace for a larger increase toward $30,500.<\/p>\n

What\u2019s Key Support In BTC?<\/h2>\n

If Bitcoin fails to clear the $27,400 resistance, it could continue to move down. Immediate support on the downside is near the $27,000 level.<\/p>\n

The next major support is near the $26,800 level or the 61.8% Fib retracement level of the key increase from the $25,928 swing low to the $28,150 high. A downside break below the $26,700 level might put a lot of pressure on the bulls. In the stated case, the price could drop toward $26,000.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now losing pace in the bullish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now near the 50 level.<\/p>\n

Major Support Levels \u2013 $27,000, followed by $26,700.<\/p>\n

Major Resistance Levels \u2013 $27,400, $28,000, and $28,500.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is correcting gains from $28,000. BTC could correct further lower toward the $26,800 zone before the bulls take a stand.<\/em><\/p>\n

Bitcoin started a downside correction from the $28,150 resistance zone.
\nThe price is trading above $26,600 and the 100 hourly Simple moving average.
\nThere is a declining channel forming with resistance near $27,250 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could extend its decline toward $26,800 before it attempts a fresh increase.<\/p>\n

Bitcoin Price Starts Downside Correction<\/h2>\n

Bitcoin price started a decent increase above the $27,000 resistance zone<\/a>. BTC even climbed toward the $28,000 resistance zone before the bears appeared.<\/p>\n

A high was formed near $28,150 and the price started a downside correction. There was a move below the $28,000 and $27,500 levels. The price even spiked below the $27,400 level. However, it found support near the 50% Fib retracement level of the key increase from the $25,928 swing low to the $28,150 high.<\/p>\n

Bitcoin is still trading above $26,600 and the 100 hourly Simple moving average<\/a>. Besides, there is a declining channel forming with resistance near $27,250 on the hourly chart of the BTC\/USD pair.<\/p>\n

Immediate resistance on the upside is near the $27,200 level and the channel trend line. The first major resistance is near the $27,400 level. A clear move above the $27,400 level might send the price toward $28,000. The next major resistance is near $28,150, above which there could be a sustained increase.<\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

In the stated case, the price could test the $29,200 level. Any more gains might set the pace for a larger increase toward $30,500.<\/p>\n

What\u2019s Key Support In BTC?<\/h2>\n

If Bitcoin fails to clear the $27,400 resistance, it could continue to move down. Immediate support on the downside is near the $27,000 level.<\/p>\n

The next major support is near the $26,800 level or the 61.8% Fib retracement level of the key increase from the $25,928 swing low to the $28,150 high. A downside break below the $26,700 level might put a lot of pressure on the bulls. In the stated case, the price could drop toward $26,000.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now losing pace in the bullish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now near the 50 level.<\/p>\n

Major Support Levels \u2013 $27,000, followed by $26,700.<\/p>\n

Major Resistance Levels \u2013 $27,400, $28,000, and $28,500.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-28972","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/28972","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=28972"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/28972\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=28972"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=28972"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=28972"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}